Reference no: EM132814408
Question - Naraku Company maintains a checking account at the City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The August bank statement included the following information:
Balance, August 1 Php 750,000
Deposits 2,000,000
Checks processed 1,750,000
Service charge 50,000
NSF check 150,000
Monthly loan payment deducted by bank from account 125,000
Deposits outstanding totaled Php 150,000 and all checks written by the entity were processed by the bank except for check of Php 200,000.
A Php 250,000 August deposit from a credit customer was recorded as Php 25,000 debit to cash and credit to accounts receivable.
A check correctly recorded by the entity as Php 40,000 disbursement was incorrectly processed by the bank as Php 400,000 disbursement.
What is the adjusted cash in bank on August 31?
Winnie Company showed a cash account balance of Php 5,000,000 at the month-end.
The bank statement did not include a deposit of Php 300,000 made on the last day of the month.
The bank statement showed a collection by the bank of Php 100,000 for the depositor and a customer check for Php 45,000 returned because it was NSF.
A customer check for Php 57,000 was recorded by the depositor as Php 75,000 and a check written for Php 58,000 was recorded as Php 85,000.
What amount should be reported as cash in bank?